mcb39

That is what I was referring to. You are right. I misspoke by calling it a credit. It IS a deduction from taxable income. I still think clients will like it as more and more are unable to itemize.

I understand about the ethics credits. However, the stimulus worksheet will only work if we KNOW how much the taxpayer received. How many do you think will bring in their stub? We will be back to checking most of them out just like last time. Also, I like the Property Tax Credit for people who do not itemize. I am sure the clients will like it and it should bring in some traffic when they start advertising the changes and some individuals won't have a clue as to how to go about claiming their credits.

:huh: Just finished with 2 days of Tax Insight 2008 Income Tax School. Picked up some interesting tidbits and some very interesting changes to the tax code. (Additions and Subtractions). They did spend 2 hours the first day on Ethics; so apparently that is an ever increasing subject of interest to the IRS. Anyway, the new season is starting and the repercussions of the stimulus payouts in 2008 should add a lot of spice to our practices. ie; the parent who didn't get to claim the child last year will get a credit for the $300 stimulus they did not receive in 2008. There are other instances of credit increases; no paybacks. So, all of those parents who hurried to file first and messed us up with amending returns; will get the deduction on this year's return. I feel the pain already.

I always order the oval e-file stickers and put one on the cover of every return that is e-filed. The clients like that touch.

That goes for me too, Julie. Many of us go back a long way together and you are one of the beginners. Hope you had a wonderful day....... :read:

No Kidding! Another ATX preparer called me the other night with a question and I pulled a complete blank. Eventually, we did figure it out though. Very basic operation too.

I echo Margaret. This board is also "critical"" to me. Pub 17 and Quickfinders and whatever knowledge I pick up at Tax Seminars are all secondary to the things I learn in this Community. I don't understand, however, how this original post ended up turning political.

I also have experienced the frothing. Have not considered the same extremes as ERC; primarily because this cat was newly adopted from the Humane Society and was traumatized enough. KC.....if you love cats (and I know that many people do not); you will put up with a lot of frustration. Our first cat was with us for 21 years and gave us so much love. The second one was with us for 15, but she was a stray so we never really knew how old she was. We finally had to have her euthanized due to kidney failure. We waited a long two years before adopting and have now had Annie for a year. Adult cats are much harder to adapt; but she needed a home and has a totally different personality than any other cat we have ever lived with. We love her anyway and she loves us.

Deb...so sorry to hear about your Dad. Some of us can relate very well and understand. Tax Progams aside; keep your chin up.....one day at a time.

I can vouch for all of the above as regards giving a cat a pill. They are now dispensing cat meds in liquid form with droppers. Even that is a nightmare and takes two people to accomplish.....

Is that it? I ended up paper filing all of my 1065s this year because of that error. I was never able nor had the time to figure it out. Thanks!

I just got the email also.; so all bases were covered. As I said, I did have one hanging out there that I had forgotten about.

Not enough information. Since WI has Income Tax and Texas does not; or course, you need to file the 1NPR. However, I have a similar client who receives Wisconsin Retirement Benefits, but is in a Nursing Home in Colorado. After all of her medical bills, etc.; she doesn't owe any tax to anyone. After filing this way for a couple of years, I advised the POA to stop withholding on her Pension. We did, however, file a return last year in order to get the stimulus. Every set of circumstances is different.

Received a call this evening telling me to recover all of my ACKs as they will no longer be available after Friday. They will then be working on the program for 2008. It really was a nice reminder as I had forgotten to retrieve a State Ack for a return that I filed on 10/15. Sure enough, it was still out there. For those of you who don't answer CID unavailable calls; heads up on this. Thank you ATX. Tomorrow, I start cleaning my office; filing, sorting and shredding. New materials are coming in and I have a disorganized mess....

I have been doing partners" returns like this for years with unreimbursed expenses on page 2 Sch E; and have never had one not pass the "smell" test; whatever that is. It is quite common for partners' to pay some out of pocket expenses and not be reimbursed by the Partnership.

Agree.....just filed my last one too, but she gets a refund due to massive medical bills. However, she just delivered the info at noon today. Now, am going to my son's for dinner and back to work tomorrow.

KC....can these be e-filed? I thought not.

I guess I really don't mind paying for the updates (if that is the truth) since they have become so fast and flawless. 2008 will be my first tax year with DSL instead of Dialup. How about that?

That was a pretty shocking experience. Thanks for the reminder to donate.

I hope that you had a wonderful day filled with all of the things that mean the most to you.

I had 3 Partnerships with absolutely no changes that kept generating that message no matter what I tried. I ended up paper filing them.

This sounds like one for Jainen. How can he just decide that he doesn't want to pay his debt? I would not involve myself in this scenario. I would refer him elsewhere.

Is there any reason that you cannot put the "other" income from the LLC that is not allocated to the K1 on the Schedule C as well as the expenses? Why would there be a mismatch as the IRS knows which income is allocated to the K1, but you are on your honor for the Sch C income unless it is reported on 1099's. Also, remember that the expenses allocated to the K1 info go on the Sch E also as Unreimbursed expenses.

I agree with Lion. The K1 information should be reported on the Sch E, page 2. Use the K1 entry worksheet.

(Hang in there, KC!) After mentioning it to my Computer Advisor; I let automatic undate install it this AM. It was a very fast install and I cannot see that it has affected anything. Will see what happens as the week goes on.